Jacksonville Bancorp (JAXB) in Florida reported its third consecutive quarterly profit as lowered its expenses and its loan-loss provision.
The $520 million-asset company earned $147,000 in the third quarter, compared with a loss of $10.7 million in the third quarter of 2012, it announced Friday.
Eugene Ludwig, the founder of consultancy Promontory Financial and a former comptroller of the currency, is
Jacksonville Bancorp's net interest income fell 3%, to $4.6 million, as its net interest margin contracted by 29 basis points, to 3.66%. Its loan portfolio also shrunk, with gross loans dropping 15%, to $373 million.
But a cleaner balance sheet made up for the lower lending revenue. Jacksonville's provision for loan losses was $367,000, compared with $6 million in the third quarter of 2012. The company purged its balance sheet late last year by
Noninterest expenses dropped 54%, to $4.8 million, as real estate and other costs declined. Its noninterest income grew by 138%, to $761,000, as service charges doubled, to $800,000.
In the third quarter, Jacksonville Bancorp
Its shares closed at $10.53 Friday.